NEW YORK, March 23, 2022 /PRNewswire/
-- Stagwell (NASDAQ: STGW), the challenger network
built to transform marketing, today announced its Board of
Directors has authorized a stock repurchase program (the
"Repurchase Program") under which it may repurchase up to
$125.0 million of shares of its
outstanding Class A common stock. The Repurchase Program will
expire on March 23, 2025.
Under the Repurchase Program, share repurchases may be made at
the Company's discretion from time to time in open market
transactions at prevailing market prices (including through trading
plans that may be adopted in accordance with Rule 10b5-1 of the
Securities Exchange Act of 1934, as amended), in privately
negotiated transactions, or through other means. The timing and
number of shares repurchased under the program will depend on a
variety of factors, including the performance of the Company's
stock price, general market and economic conditions, regulatory
requirements, the availability of funds, and other relevant
considerations, as determined by the Company. The Repurchase
Program may be suspended, modified or discontinued at any time
without prior notice. The Company's Board of Directors will review
the Repurchase Program periodically and may authorize adjustments
of its terms if appropriate.
"This program reinforces the confidence of Stagwell's Board in
our financial strength, the transformative results of our
combination, and the rigorous strategic management our team has
applied to the business," said Mark
Penn, Chairman and CEO, Stagwell.
About Stagwell
Stagwell is the challenger network
built to transform marketing. We deliver scaled creative
performance for the world's most ambitious brands, connecting
culture-moving creativity with leading-edge technology to harmonize
the art and science of marketing. Led by entrepreneurs, our
10,000+ specialists in 34+ countries are unified under a single
purpose: to drive effectiveness and improve business results for
their clients. Join us at www.stagwellglobal.com.
Forward-Looking Statements
This press release
contains forward-looking statements. The forward-looking statements
in this release include statements regarding the Company's stock
repurchase program and expectations regarding such program and the
Company's ability to repurchase shares thereunder. These statements
are based on current plans, estimates and projections, and are
subject to change based on a number of factors that could adversely
affect the Company's business, financial condition, results of
operations and cash flows, including those outlined in the
Company's Annual Report on Form 10-K, and the Company's other
filings with the Securities and Exchange Commission (the "SEC"),
which are accessible on the SEC's website at
www.sec.gov. Forward-looking statements speak only as of
the date they are made, and the Company undertakes no obligation to
update publicly any of them in light of new information or future
events.
Contact:
Michaela Pewarski
IR@stagwellglobal.com
646-429-1812
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SOURCE Stagwell Inc.